5 reasons why business firms should outsource bookkeeping services
With the successful implementation of VAT in UAE, maintaining proper books of records have become obligatory for business firms operating in UAE. To operate efficiently in a dynamic business environment, business firms must be on top of their game and must focus on their core competencies too. One of the ways of doing this is by outsourcing book keeping services to reputed accounting firms in UAE.
Here are 5 reasons why a UAE business firm should outsource book keeping services:
- Helps streamline expenses
One of the benefits that outsourcing provides is cost saving. By outsourcing book keeping services, a business firm will only pay the cost of accounting services, which is much lower than paying a full-time fixed salary to an employee. Outsourcing will allow flexibility and help the company in saving fixed costs and recruitment costs that are otherwise incurred when hiring full time accountants.
- Helps keep a check on fraudulent activities
One of the ways in which a business firm can safeguard itself from any fraudulent activities is by outsourcing accounting services to a professional accountant or accounting company. As a third party accountant, they are accountable for recording the accurate transactions and will work diligently to ensure that fraud is detected and/or prevented.
- Helps in being tax and audit ready
By outsourcing book keeping and accounting services, a business firm can maintain accurate and updated financial records that can be timely presented to authorities during Tax audit or even a bank to expedite any financial requirements.
- Helps focus on core operations
Focus beats balance, is an age old saying, and only seems fitting for organizations that are facing fierce competition in the industry. For business firms looking to scale their operations, focusing on core business and core competencies is essential. Outsourcing will free up entrepreneur’s time allowing them focus on more innovative ideas and follow their business passions efficiently.
- Helps provide expert advice
By outsourcing accounting and book keeping services, a business firm can get continued supervision from Qualified Chartered Accountants on how they can improve their finances and cut costs. The qualified accountants are updated with tax information and latest advancements in IFRS (International Financial Reporting Standards) and GAAP (Generally Accepted Accounting Principles), that will further help business firms stay on top of their game by adhering to legal requirements.
To build a better business, entrepreneurs need to focus on core competencies. Outsourcing is one of the smartest ways through which entrepreneurs can do that and grow their business exponentially.